Engineering firm Fenner saw shares rise nearly 15 percent on Friday after issuing an update ahead of its Annual General Meeting next week.
The group said the first quarter had been “satisfactory”, and that the company had made progress in all sectors of its business.
The statement said: “In North America, the industrial business continues to make progress as a result of the on-going refocusing/restructuring programme announced this time last year. There has been some increase in order intake from customers within the coal industry albeit from very low levels. In Europe, trading continues to be satisfactory, despite low levels of major project work.”
“In Australia, ECS is ahead of last year’s results although, as anticipated, higher commodity prices and the general improvement in sentiment within the mining industry have not yet translated into increased orders for conveyor belt with miners remaining focused on controlling costs.
“In China, restructuring within the coal mining industry has, as expected, led to ECS seeing a much reduced order intake.”
Whilst it hinted that market conditions remained difficult, it said it was performing well in the circumstances and expected results to be “comfortably above previous expectations”.
Fenner (LON;FNNR) shares are currently up 14.01 percent at 269.62 (0931GMT). The company has a market capitalisation of 523.08 million and a 52 week range of between 95.25 and 272.50.